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What is ZIL coin? Learn what ZIL coin is in one minute

Zilliqa's sharding technology enables it to process a high volume of transactions simultaneously, addressing scalability challenges in the blockchain industry.

Nov 01, 2024 at 04:29 am

What is ZIL Coin?

1. Definition

ZIL coin, also known as Zilliqa, is a digital currency and the native cryptocurrency of the Zilliqa blockchain. It is designed to facilitate transactions and support the operation of various decentralized applications (dApps) on the network.

2. Origin and Background

Zilliqa was developed by Zilliqa Research, a team of academics, researchers, and engineers, and launched in June 2019. The project aimed to address scalability challenges faced by other blockchain platforms.

3. Unique Features

One of the key features of Zilliqa is its sharding technology, which divides the blockchain into smaller, manageable segments (shards) to improve transaction processing speed and throughput. This enables Zilliqa to handle a high volume of transactions simultaneously.

4. Use Cases

ZIL coin has several use cases, including:

Transactions: Users can transfer ZIL coins on the Zilliqa blockchain, paying transaction fees in order to do so.
Decentralized Applications (dApps): Developers can build and deploy smart contracts and dApps on the Zilliqa network, facilitating the creation of various decentralized applications and financial services.
Staking: ZIL coin holders can stake their coins on the network to participate in consensus and earn rewards.

5. Market Value and Supply

ZIL coin has a market capitalization of over $1 billion and a total supply of 21 billion coins. It is traded on various cryptocurrency exchanges and is ranked among the top 100 cryptocurrencies by market value.

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